According to the announcement, the store closing sales will start immediately, and store fixtures will also be available for sale on a first-come, first-serve basis.

In addition to the stores closing, Archiver’s is also the organizer and sponsor of the massive Mall of America Scrapfest event, so the company closing down calls the future of that event into serious doubt. Continue Reading →

Archiver’s announced on September 27th that they are closing five additional store locations, including their flagship Mall of America store, as part of their ongoing financial difficulties that lead to the bankruptcy that was filed in April.

In addition to the Mall of America store, Archiver’s is closing their Coon Rapids (MN), Gurnee (IL), Nashville (TN), and North Olmsted (OH) stores. The Mall of America store will close “mid-October” according to Archiver’s, and the other locations will close on October 20th.

This round of closures will bring Archiver’s down to only 33 store locations, a significant reduction after they started 2013 with 44 store locations. In February, the company’s Memphis store closed, leaving the area without a scrapbook retailer. This was followed in early April by Algonquin, Fort Wayne, and South Austin closing. Two Chicago area locations were then closed in June. And now, the five additional stores are closing in October – for a total of 11 shuttered stores in 2013, 25% of their locations lost this year. Continue Reading →

The Archiver’s board authorized the bankruptcy filing on April 25th via a written directive. In court filings, the retailer indicates that it intends to continue operating. The initial petition estimates the company has between $10-$50 million in assets, and $1-$10 million in liabilities, and indicates that the company believes there will be at least some funds available for distribution to unsecured creditors.

As a retailer, it’s not surprising that a large portion of the company’s top 20 unsecured creditors are product wholesalers. The largest unsecured creditor is EK Success, who is owed over $250,000. Also appearing on the top 20 creditors list are American Crafts, 3L, We R Memory Keepers, My Mind’s Eye, Bazzill, Love To Scrap, Doodlebug, BoBunny, Ranger, Silhouette, Pioneer, Pink Paislee, Ellison, and Queen & Company, who are owed between $55,000 and $200,000 each. The Archiver’s bankruptcy is a double hit for 3L, who was already listed as one of the top creditors in the Creative Memories bankruptcy a few weeks ago.

A meeting of creditors is scheduled for May 30th at the US Courthouse in Minneapolis. Proof of claims from creditors are due to the court by August 28th, an important deadline since the petition estimates that there will be funds to disperse to the creditors who submit claims. Continue Reading →